Mortgage rates climb, 30-year loans now above 3.5 percent

Average interest rates on both 15- and 30-year fixed-rate mortgages increased for the second week in a row, with the 30-year jumping above 3.5 percent for first time in weeks, Freddie Mac said Thursday.

Average 30-year, fixed-rate loans rose to 3.51 percent this week after increasing to 3.42 percent last week, the secondary lender reported. Despite the increase, the rate is only about a quarter off the all-time low of 3.31 percent set last November, according to Freddie Mac.

Average rates for 15-year fixed rate mortgages also rose this week, increasing to 2.69 percent after being at 2.61 percent the week before.

The 15-rates rates averaged 3.04 percent a year ago, while the 30-year had been at 3.79 percent, Freddie Mac said.